New York State Common Retirement Fund Buys 378,475 Shares of Copart, Inc. (NASDAQ:CPRT)

Posted by Defense World Staff on Apr 14th, 2023

New York State Common Retirement Fund boosted its stake in shares of Copart, Inc. (NASDAQ:CPRT – Get Rating) by 103.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 744,146 shares of the business services provider’s stock after purchasing an additional 378,475 shares during the period. New York State Common Retirement Fund owned about 0.16% of Copart worth $45,311,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in Copart by 1.0% in the third quarter. Vanguard Group Inc. now owns 23,612,513 shares of the business services provider’s stock worth $2,512,371,000 after acquiring an additional 245,063 shares during the period. Capital World Investors raised its position in Copart by 1.0% in the first quarter. Capital World Investors now owns 4,840,297 shares of the business services provider’s stock worth $607,312,000 after acquiring an additional 48,523 shares during the period. Allspring Global Investments Holdings LLC raised its position in Copart by 97.5% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 2,559,629 shares of the business services provider’s stock worth $155,856,000 after acquiring an additional 1,263,303 shares during the period. Bank of New York Mellon Corp raised its position in Copart by 4.4% in the third quarter. Bank of New York Mellon Corp now owns 2,129,996 shares of the business services provider’s stock worth $226,632,000 after acquiring an additional 89,105 shares during the period. Finally, Boston Partners raised its position in Copart by 54.0% in the third quarter. Boston Partners now owns 2,094,014 shares of the business services provider’s stock worth $222,840,000 after acquiring an additional 734,310 shares during the period. Institutional investors own 45.14% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Guggenheim increased their price target on shares of Copart from $75.00 to $82.00 and gave the stock a “buy” rating in a research report on Wednesday, February 22nd. StockNews.com began coverage on shares of Copart in a research report on Thursday, March 16th. They issued a “buy” rating on the stock. Robert W. Baird raised their price objective on shares of Copart from $74.00 to $78.00 and gave the company an “outperform” rating in a research report on Wednesday, February 22nd. Finally, Stephens restated an “overweight” rating and set a $78.00 price objective on shares of Copart in a research report on Tuesday, February 21st.

Insider Activity at Copart

In related news, Director Matt Blunt sold 30,000 shares of the firm’s stock in a transaction on Wednesday, February 22nd. The shares were sold at an average price of $69.36, for a total transaction of $2,080,800.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 11.19% of the stock is currently owned by corporate insiders.

Copart Price Performance

Shares of CPRT stock opened at $76.74 on Friday. The company has a market capitalization of $36.57 billion, a price-to-earnings ratio of 34.11 and a beta of 1.23. Copart, Inc. has a one year low of $51.10 and a one year high of $76.87. The company’s fifty day moving average price is $71.04 and its 200-day moving average price is $64.28.

Copart (NASDAQ:CPRT – Get Rating) last announced its quarterly earnings data on Tuesday, February 21st. The business services provider reported $0.61 EPS for the quarter, beating the consensus estimate of $0.56 by $0.05. The firm had revenue of $956.72 million for the quarter, compared to the consensus estimate of $934.36 million. Copart had a net margin of 29.45% and a return on equity of 22.93%. During the same period last year, the firm earned $0.55 EPS. Equities research analysts expect that Copart, Inc. will post 2.34 earnings per share for the current fiscal year.

Copart Profile

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Copart, Inc provides online auctions and vehicle remarketing services. It offers a range of services for processing and selling vehicles over the Internet through its Virtual Bidding Third Generation Internet auction-style sales technology on behalf of vehicle sellers, insurance companies, banks and finance companies, charities, and fleet operators and dealers, as well as individual owners.